Percent Drop from Highest High

BigJasTrades 已更新   
Buy and hold investors may decide to use trailing stops to protect profits and capital from market crashes, especially during bull markets.

The purpose of this indicator is to hep investors to identify a location to place them. The indicator plots the highest high from 'x' bars ago. It then plots a trailing stop loss 'y' percent below that line.

The indicator enables its users to input different 'x' and 'y' values to observe what they think works best for them in different markets.

Users might choose to pair the indicator with trend confirming indicators, such as moving average cross overs, to determine that the market is trending and not ranging.

There is no magic in this indicator, only maths. Like every indicator, it has no ability to predict anything. Just because the market is doing one thing now, it might do something different later. The past does not equal the present nor the future. Make your own decisions and be responsible for them.

All the best to you and your family.
Updated to version 5 of pine script and added in option to select source without having to change the code yourself ;) (Better later than never)
In addition to the highest high 'x' bars ago (orange line), I've added a lower low 'x' bars ago (now yellow line). The blue line which was intended to be used as a trailing stop loss, remains the same.

The reason for the addition is to make the indicator also useful as a tool for breakout trading, both long and short. The concept is that if price closes above the prior highest high from 'x' bars ago then that is a bullish breakout and a long entry signal. So if the price pushes the orange line up, that is an entry long signal. Also if the price pushes the yellow line down, that is a bearish breakout and a short entry signal. You will need to test whether those signals make sense to you and the instrument you are trading before you use it. Anyway, enjoy and I wish you an amazing year of trading.
Just updating a minor typo
Fixing a default setting error. Source for the yellow line was set to use the same source as the orange line. Now resolved. Enjoy.

本着真正的TradingView精神,该脚本的作者将其开源发布,以便交易者可以理解和验证它。为作者喝彩!您可以免费使用它,但在出版物中重复使用此代码受网站规则的约束。 您可以收藏它以在图表上使用。